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Anglian Water tenders for up to £100 million 7% secured notes due 2018
By Susanna Moon
Chicago, April 8 – Anglian Water (Osprey) Financing plc said it began a tender offer for up to £100 million of its £350 million 7% secured notes due January 2018.
The notes are guaranteed by Osprey Acquisitions Ltd.
The cash purchase price will be 110% of par plus accrued interest.
The offer is being made as part of the company’s commitment to actively manage its liabilities, according to a company press release.
The purpose of the offer, along with the company’s plans to issue new notes, is to extend the company’s maturity profile and improve balance sheet efficiency, the press release noted.
The company said it plans to price new sterling-denominated guaranteed secured fixed-rate notes on April 17.
The offer will end at 11 a.m. ET on April 16, with settlement set for April 30.
Tender instructions must be submitted for at least £100,000 and in integral amounts of £1,000 after that.
Barclays Bank plc (+44 203 134 8515, liability management group, eu.lm@barclays.com) and BNP Paribas (+44 20 7595 8668, liability management group, liability.management@bnpparibas.com) are the dealer managers. Deutsche Bank AG, London Branch is the tender agent.
The tender agent is Deutsche Bank AG, London Branch (+44 20 7547 5000, debt and agency services, xchange.offer@db.com).
Anglian is a Huntingdon, England-based water company.
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